This was the first year in which the regional sites were referred to by the cities in which the games were held in instead of the "East", "Midwest", "South", and "West" designations. It was also the first year that the matchups for the national semifinals were determined at least in part by the overall seeding of the top team in each regional. The top four teams in the tournament were Kentucky, Duke, Stanford, and Saint Joseph's. Had all of those teams advanced to the Final Four, Kentucky would have played Saint Joseph's and Duke would have played Stanford in the semifinal games.

Of those teams, only Duke advanced to the Final Four. They were joined by Connecticut, making their first appearance since defeating Duke for the national championship in 1999, Oklahoma State, making their first appearance since 1995, and Georgia Tech, making their first appearance since 1990.

Connecticut defeated Georgia Tech 82-73 to win their second national championship in as many tries. Emeka Okafor of Connecticut was named the tournament's Most Outstanding Player.

As they had in 1999, Connecticut won their regional championship in Phoenix, Arizona.

Two of the tournament's top seeds failed to make it past the opening weekend. Kentucky, number one seed of the St. Louis region, and Stanford, #1 seed of the Phoenix region, both were defeated. Incidentally, both teams were defeated by schools from Alabama, as Kentucky fell to UAB while Stanford lost to Alabama.

Due to their strong 2003-04 season, Gonzaga achieved its highest NCAA tournament seed to date by receiving the #2 seed in the St. Louis region. The team failed to advance beyond the first weekend of the tournament, however.

With the Connecticut Huskies trailing by 8 points with less than 3 minutes to go, it looked as if the Duke Blue Devils were going to spoil Jim Calhoun's chance at a second national title. Connecticut's All-American center Emeka Okafor was limited to just 22 minutes because of early foul trouble, but he came up clutch with several big plays down the stretch and finished with 18 points and only 3 fouls. By contrast, all three of Duke's centers fouled out, including Shelden Williams, who committed his fifth foul with 3:04 to play. In addition, Duke went without a field goal for the last 4½ minutes until Chris Duhon's meaningless three-pointer at the buzzer. Duke coach Mike Krzyzewski was denied his 65th NCAA Tournament victory which would have tied him with Dean Smith for the all-time record. He later broke that record.[1]

Will Bynum's layup in the final moments kept the Georgia Tech Yellow Jackets dream for a National Championship alive as they defeated the Oklahoma State Cowboys, in a nail-biter, in the first of the National Semifinal doubleheader. Georgia Tech led for most of the game including a seven-point edge at halftime. However, Oklahoma State was able to tie the game on John Lucas's three-pointer with 26.3 seconds left. Georgia Tech then milked the clock which set up Bynum's game-winner. Georgia Tech advanced to their first ever National Championship appearance. Oklahoma State coach Eddie Sutton was denied yet another chance at an elusive national title.[2]

The 2004 National Championship Game proved to be a coronation for the Connecticut Huskies as they handled Paul Hewitt's Georgia Tech Yellow Jackets. Emeka Okafor led Connecticut with 24 points and was an easy choice for Most Outstanding Player of the tournament. Guard Ben Gordon added 21 points to Connecticut's cause. The victory gave Connecticut coach Jim Calhoun his second National Championship (1999).[3]